How to sell a car that's on finance

boltonangel

Hi

We are hoping to sell our car soon (BMW 318 se, 2006 59K Miles)

However, we are half way through our finance agreement (hp). When we bought the car we used it quite a lot but circumstances have changed and as we already have a 2nd car that's owned outright, is cheaper to insure and run we are looking to sell the financed car.

As it's on finance I don't have a clue how to sell it, we've looked on we buy any car.com and they will only offer the settlement figure that's on the finance - we are realistic but i think that is a poor valuation considering market value and the deposit we put down. Added to that the reviews show that this figure is very rarely achieved when you get there.

Does anyone have any suggestions??

harveybobbles

You need a settlement figure first.

You can sell it to anyone, but explain that its on finance and invite the buyer to pay the finance company direct and pay you the difference if there is any.

boltonangel

We have a settlement figure.

I would be dubious about buying a car that is on finance, do people do this?

Thanks

blacksta

boltonangel wrote: »

We have a settlement figure.

I would be dubious about buying a car that is on finance, do people do this?

Thanks

but your are trying to sell one - should i call it dubious.

.As long as you provide the necessary paper work and Buyer will be paying the finance company direct. The finance company owns the car and not you.

boltonangel

blacksta wrote: »

but your are trying to sell one - should i call it dubious.

.As long as you provide the necessary paper work and Buyer will be paying the finance company direct. The finance company owns the car and not you.

That's what I meant, as a buyer I would find it dubious to buy a car with hp outstanding.

I am aware that we don't own the car.

Should I mention this in the ad or wait until someone came to look.

harveybobbles

I'd wait until someone comes to view it, then mention it when they start talking money.